All Forum Posts by: Laurie Mohler

Hi Jessica - these things happen! Your source of funds would depend on your exit strategy.  are both of these BRRRRs? Or fix n flips?  or are you double closing?  Basically, how long do you need how much for? I am a short term real estate investor lender, just down the road from Philly in Havre de Grace, MD.  message me if you'd like to chat. 

Yes, that is called buying the house "subject - to" the existing mortgage.  It is different than assuming the mortgage, in that the debt stays in the original sellers name but you get the ownership. This type of situation works best when the seller has real estate that they do not want. Its a whole advanced strategy which requires specialized documentation best handled by vendors familiar with this type of scenario. 

if you plan to renovate and re-sell, perhaps you can talk the sibs into accepting a delayed settlement

 THanks, Wayne. If I do it as a wrap, I think i'll use a loan servicer.  Does the tax record and insurance policy stay in my name? 

I am considering selling a home as a hybrid: Subject-to my existing mortgage (@3.6%) plus cash and owner financing for the difference.   How do I handle the insurance and taxes?  Does the buyer pay my regular mortgage payment, and I keep the tax liability and the insurance in my name and add the buyer as an additional insured?  Or does the buyer purchase their own separate policy for the house, keeping my policy in place?   Looking for comments from someone that has been involved in a sub-to deal, either as the buyer or the seller. 

@Joseph Stern  good thought about the Solo401K benefit. Do you happen to know if one can roll SDIRA funds into a SOLO401K?  Am I correct in assuming that you can have both a SDIRA and a SOLO401K?  Any downsides of a SOLO401K?

I think the person you spoke with might not have been fully informed. I transferred some of my IRA funds that were held in a Fidelity account to a SDIRA custodian (AdvantaIRA) . I set up a separate LLC and a separate bank account. The folks at Advanta held my hand all along the way, they were terrific. they have lots of educational videos as well.

Thanks @Eliott Elias.  Is there an issue with the One-Time-Passwords for dual step authentification?  It seems like my own bank texts me a OTP everytime I log on from a different browser. 

Also , does the seller maintain the same insurance policy?  Could I (the buyer) be added as a loss-payee w/ o much hassle? 

For those of you that have been either the buyer or seller of a subject-to deal, did you use a 3rd party servicing company for the payments? If so, would you recommend that company , and how much do they charge, more or less?

I am a fan of Chase Bank Business checking.  Much easier to deal with than PNC or Wells Fargo.   Very easy to transfer funds between Chase and non chase accounts.  Nice low cost options for merchant services.